Fifteenth General Review of Quotas—Further Considerations

Policy Papers, October 30, 2020

Source details

Revisits the two-pillar framework for assessing the adequacy of Fund resources.
Updates the quantitative pillar to include alternative assumptions and to provide a longer-term perspective on likely resource needs.
Updates the qualitative pillar analysis to highlight reforms since the global financial crisis and to discuss uncertainties in the global environment.
Takes stock of recent discussions on the quota formula and provides further technical work on variability and PPP GDP.
Provides an overview of approaches to quota adjustments that have facilitated the required broad consensus for changes in quotas in previous general reviews.
Presents a limited set of simulations illustrating the potential impact that different quota increases, quota formulas, and allocation mechanisms would have on the distribution of actual quota shares.

Updated quantitative analysis includes alternative assumptions and a longer-term perspective on resource needs.
Limited simulations illustrate effects of:
- Different quota increases.
- Different quota formulas.
- Different allocation mechanisms.
Implication: distributional impacts on actual quota shares depend materially on the combination of quota increase, formula parameters, and allocation mechanism chosen.

Highlights reforms implemented since the global financial crisis.
Discusses uncertainties in the global environment that bear on adequacy assessments.
Emphasizes the role of qualitative judgment alongside quantitative metrics in assessing resource adequacy.

Provides an overview of approaches to quota adjustments that have facilitated the required broad consensus for changes in quotas in previous general reviews.
Focuses on mechanisms and practices that can achieve broad-based agreement on quota changes.

International Monetary Fund. "Fifteenth General Review of Quotas—Further Considerations", Policy Papers 2020, 055 (2020).